Virtually any business these days requires some form of insurance to protect not only its patrons but also its owners and employees. With the high stakes and penalties associated with business-related mishaps, it’s no wonder it is often required in many scenarios. However, finding a plan can not necessarily be done with a one-size-fits-all approach. Depending on several factors, you will likely discover that you need a plan that addresses special needs, for example, D&O, E&O and other protections included in your coverage.
Factors Affecting Your Plan
Before getting started, it can be helpful to understand what features you should be looking for when shopping around for the best plan. Some key considerations include the following:
The value of your assets as well as products and services being offered
If your organization is categorized as for-profit or non-profit
Cities, states or countries you plan to serve
Any unique risks that may require specialty or supplemental coverage
Local, state or international laws that may apply
It can be challenging to determine your specific needs and exposures on your own, so finding an agency that specializes in insuring those in similar businesses can be a good starting point. Whether you need D&O, E&O or other features tailored to your business, they can help craft a plan the perfect plan.